Wednesday, 18 April 2018

Pre-Market Brief

Good morning. US equity futures are moderately higher, sp +9pts, we're set to open at 2715. USD is u/c in the DXY 89.20s. The precious metals are leaning positive, Gold +$3, with Silver +1.3%. WTIC is +1.5% in the $67s.




*server issues (sites are being migrated, how nice of my webhost not to pre-warn me), so, lets just make this an open day, and I'll likely post everything here today.

Yesterday saw broad gains, with the sp' notably settling above the 50dma in the low 2700s.Today is set to break a new multi-week high. Cyclically, we're really over-stretched, and a cooling wave is increasingly probable. Note the lower hourly bollinger at 2644. At best, the bears might manage the 2650/40s before the weekend, but I'd acknowledge that looks a stretch.

Earnings are clearly continuing to come in broadly superb, but we're seeing sporadic instances where certain stocks are still being smacked lower, not least IBM and LRCX.


early movers
ABX +0.5%, rising metals
AMAT -2.8%, dragged lower by LRCX
AMD +1.0%, but still broadly choppy
AMZN +1.0%, above the 50dma
BABA +0.3%
BAC +0.4%
CAT +0.7%, main market strength (mms)
CSX +5.5%, good earnings
EBAY +5.3%, as MS upgrade from 36s to $58
FCX +2.2%, with copper +1.8% to $3.13
GDX +0.5%, rising metals
GE +0.6%, speculative buying ahead of earnings
IBM -5.4% in the $152s, earnings were broadly fine
INTC +0.4% in the $53s, powerfully strong
LRCX -4.7% in the $202s, earnings were fine though
MRO +1.2%, higher oil

MS +2.5% in the $54s, further good earnings...

In particular, rev' was very significantly higher by 13.7% to $11.08bn, as the financials are doing better via higher rates and sustained higher market volatility.

MU -1.0%, dragged lower by Lam Research
RIG +1.0%, with oil
SQ +1.0%, mms
TEVA +1.9%, baby bull flag possibly confirmed
TSLA +2.1%, broadly choppy
TVIX -0.3%, with VIX -1.3% at 15.05
TWTR +0.8% in the $32s, soft target 38/39s
UAL +3.2%, good earnings
VALE +2.1%
X +0.1%, still struggling relative to main market


overnight markets

Most markets are leaning on the positive side, even China!

Japan: +1.4% at 22158
China: +0.8% at 3091
Germany: currently u/c at 12585
UK: currently +0.9% at 7289

Have a good Wednesday